![]() ![]() Importantly, marketers expect this increased focus on digital to be a permanent shift from pre-pandemic days. ![]() Marketers view these outcomes as reflecting customers’ openness to digital offerings (85% agree) and digital experiences (84% agree). Small companies (those with fewer than 500 employees) are taking advantage of selling online, with ecommerce accounting for 26.1% of sales. They now constitute 19.3% of sales-a 43% increase over just three months ago. Online sales have grown to the highest level in The CMO Survey history. The challenge for marketers is to exercise this trust opportunity to create brand attachment that delivers purchases for the company into the future. The strength of a trusting relationship may lie, in part, in the company’s corporate social responsibility (CSR) initiatives and 79.1% of marketers believe that customers are monitoring their social activism, outreach and investments during the pandemic. Furthermore, marketers believe that willingness to pay full price will return to normal levels over the next six to 12 months. When asked which consumer behaviors they had observed during the pandemic, only 43.3% note an unwillingness to pay full price while just 24.9% note weaker loyalty levels. This finding represents a significant opportunity for brands to try new products, services or go-to-market models on willing customers who trust their brand and are less price-sensitive than before. This is not a fluke: Customers’įocus on trusting relationships has increased by 47% since this question was first asked in 2009. Impressively, the highest percentage of marketers expect customers to focus more on “trusting relationships” than “low price,” despite the economic downturn. Marketers identify trusted relationships as customers’ highest priority over the next 12 months. Customers prioritize trusted relationships We share the most surprising (and missed) strategies-and missed opportunities- from the survey below. In fact, most marketers agree that the marketing strategies they have developed and used during the COVID-19 pandemic will be important opportunities for their companies over the long term (5.6 out of 7). What emerged was surprising: While marketers acknowledge the present challenges, they also spot emerging bright spots. for-profit companies to share their survival strategies, KPIs, and predictions about the future. Marketers have had to rethink their strategies in an era of homebound customers, social distancing, and an unpredictable environment that has forced many companies into crisis management.Īgainst this backdrop, The CMO Survey conducted a Special COVID-19 Edition, asking marketing leaders at U.S. This role has been upended during COVID-19. The top emerging marketing strategies and missed opportunities from the special COVID-19 edition of The CMO SurveyĪs a company’s meet-and-greet function, marketing’s most important job is to identify, engage with and convert customers into valuable assets that create long-term cash streams. ![]()
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